First EU CBAM Certificate Price Published: What It Means for Exporters

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On 7 April 2026, the European Commission published the first official price of CBAM certificates: €75.36 per tonne of CO2 equivalent. This is the price that will apply to emissions embedded in goods imported into the EU during the first quarter of 2026.

This is a landmark moment. After two and a half years of transitional reporting, the mechanism now has a price tag attached to it. The era of reporting without financial consequence is over.

Where the price comes from

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CBAM certificate prices are tied directly to the EU Emissions Trading System. For 2026, the Commission is calculating prices on a quarterly basis, using the weighted average of EU ETS auction clearing prices for each three-month period. The €75.36 figure reflects the average across all auctions held during Q1 2026.

From January 2027, this moves to weekly pricing, which will track the carbon market more closely and increase the need for importers to monitor costs in near-real time.

The remaining quarterly prices for 2026 will be published on 6 July, 5 October, and 4 January 2027.

When do certificates actually need to be purchased?

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Although the price is now published, certificates cannot yet be bought. The European Commission is currently finalising the Common Central Platform, which will handle the sale and repurchase of CBAM certificates. The call for tenders for this platform closed on 6 April 2026.

Authorised CBAM declarants will begin purchasing certificates from 1 February 2027. However, this does not mean 2026 is obligation-free. The financial liability for goods imported during 2026 is already accruing. Certificates purchased in 2027 must cover the full year of 2026 emissions, with the annual CBAM declaration due by 30 September 2027.

Declarants must also hold certificates covering at least 50% of embedded emissions from imports made since the start of the calendar year by the end of each quarter, beginning in 2027.

What this price means in practice: the CBAM factor and the free allocation adjustment

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A common mistake is to multiply the certificate price by the full embedded emissions and treat that as the CBAM cost. That gives you the gross figure, but it ignores a critical mechanism: the free allocation adjustment (FAA).

EU producers currently receive free emission allowances under the EU ETS. To maintain equivalence between domestic producers and importers, the number of CBAM certificates to be surrendered is reduced by the Specific Embedded Free Allocation (SEFA). This is calculated using a formula set out in Implementing Regulation (EU) 2025/2620:

SEFA = CBAM factor × CBAM benchmark × Cross-Sectoral Correction Factor

The CBAM factor is the key variable. In 2026 it is set at 97.5%, meaning importers receive a free allocation adjustment equivalent to 97.5% of the relevant benchmark. Only the remaining 2.5% of embedded emissions above that adjustment requires certificates. The CBAM factor then reduces each year as EU free allowances are phased out, reaching 0% in 2034 — at which point the full embedded emissions attract the certificate price with no adjustment.

The table below shows how the CBAM factor reduces over time and what that means in terms of the proportion of emissions you actually pay for.

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By 2034, the CBAM factor reaches 0% and the full 100% of embedded emissions attracts the certificate price.

The next table shows the estimated cost per tonne of product at the current certificate price, adjusted for the CBAM factor at three key points in the phase-in schedule.

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Note: These figures use a simplified calculation (embedded emissions × phase-in percentage × certificate price) and assume default free allocations. The actual SEFA calculation uses product-specific CBAM benchmarks from Implementing Regulation (EU) 2025/2620, which may differ from a producer's actual emissions intensity. They also assume a constant certificate price of €75.36. Most analysts expect EU ETS prices to rise significantly, with some forecasts suggesting €150/tonne by 2030. If that materialises, the 2030 net figures would roughly double.

The immediate cost in 2026 is modest. But the trajectory is steep. The CBAM factor reduction accelerates sharply from 2029 onwards, and the combination of a shrinking free allocation adjustment and a likely rising carbon price means the cost curve is exponential, not linear. Businesses that wait until costs become material will have far less time to respond.

The UK position

The UK is treated as a third country under the EU CBAM, with no current exemption. UK exporters must provide verified emissions data for each shipment, or their EU importer will be required to use default values. These defaults are set conservatively and will almost certainly result in a higher CBAM bill than actual verified data would produce.

Formal negotiations to link the UK and EU Emissions Trading Systems are under way, following the Council of the EU's approval of a negotiating mandate in November 2025. A linked ETS would create the conditions for mutual CBAM exemption. However, EU Climate Commissioner Wopke Hoekstra made clear in December 2025 that there would be no exemption in advance of a completed linkage agreement. Analysts expect the full linkage process to take until 2028.

In the meantime, the UK's own CBAM is due to start on 1 January 2027, covering aluminium, cement, fertilisers, hydrogen, iron and steel. The UK mechanism differs from the EU version in several respects: it operates as a direct tax liability rather than a certificate system, uses a £50,000 import value threshold rather than the EU's 50-tonne mass threshold, and will not include indirect emissions until 2029 at the earliest.

What businesses should do now

The publication of this price makes several actions urgent:

Implement verified MRV systems. Using actual emissions data rather than default values is the single most effective way to reduce CBAM liability. This requires monitoring, reporting and verification aligned with EU methodology, independently verified by an accredited body.

Accrue for 2026 costs now. Certificates will not be available until February 2027, but the liability is accumulating. At a CBAM factor of 97.5%, the immediate cost is modest, but it needs to be tracked and budgeted from the outset.

Claim carbon price relief. Under Article 9 of the CBAM Regulation, the number of certificates to be surrendered can be reduced to reflect the carbon price already paid in the country of origin. UK exporters paying the UK ETS price can offset that against the EU CBAM price, paying only the difference.

Engage your EU importers. The authorised CBAM declarant is legally responsible for purchasing certificates. They will need your emissions data in a specific format, verified to EU standards. Early engagement avoids last-minute disruption.

Plan for 2029 onwards. The CBAM factor drops from 77.5% in 2029 to 51.5% in 2030 — meaning the proportion of emissions you pay for nearly doubles in a single year. Investment decisions in decarbonisation, electrification and fuel switching need lead times of two to three years. The planning window is now.

The €75.36 certificate price is the starting point. The 97.5% CBAM factor makes the immediate net cost manageable. But the factor reduces to zero by 2034, and the carbon price itself is expected to rise. Businesses that treat 2026 as an administrative footnote will find themselves exposed when the CBAM factor hits 51.5% in 2030 and the cost becomes a significant line item.

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Need help understanding how CBAM affects your business? Our CBAM training and MRV advisory services are designed to give you clarity, confidence and a clear path to compliance.

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